Catch up on our top stories of the last week
Best of Artemis, week ending September 1st 2024 | | | Artemis London 2024: Last chance to register! - Aon's White Rock sues China Construction Bank for damages over Vesttoo collateral fraud
Aon's segregated accounts company White Rock Insurance (SAC) Ltd. has filed a lawsuit in New York against China Construction Bank, alleging an "inside man" at the bank had represented that letters of credit (LOC) involved in the Vesttoo fraud were authentic, and claiming a minimum $140 million in damages from the bank for the losses suffered, Artemis has learned. - As property cat reinsurance flattens, any reversal on retentions seen as unacceptable
While much has been made about the mid-year renewal seasons' flattening to slightly down trajectory of property catastrophe rates, this isn't currently seen as a significant issue by investors in the reinsurance space. But, any reversal on where retentions and attachments sit is seen as unacceptable by many. - Typhoon Shanshan seen as unlikely to trouble cat bonds or ILS positions
Typhoon Shanshan struck Japan's southern island of Kyushu yesterday and while it is being called one of the strongest storms to hit the country in decades, the ultimate impact to reinsurance markets is expected to be minimal, while catastrophe bonds and other insurance-linked securities (ILS) are expected to be largely or completely unaffected. - Cat bond loss multiples unlikely to fall. Capital motivated to stay disciplined: AM Best
On average, catastrophe bond loss multiples are not expected to fall back much further, as the capacity providers in the reinsurance market, including insurance-linked securities (ILS) fund managers and investors, are still motivated to hold onto the gains recently made, according to AM Best. - Collateralized retrocession use up at global reinsurers, but retro cost put some buyers off: S&P
The use of collateralized retrocession limits has increased among the largest reinsurance companies as alternative capital continues to be a critical source of retro protection, but for some retro buyers the cost of coverage remains too high, S&P Global Ratings has said. - Artemis London 2024: Meet over 110 organisations interested in cat bonds & ILS
Who can you meet if you join us at Artemis London 2024 tomorrow. - Japanese 'megaquake' warning seen as supportive for reinsurance pricing: JPM
The recent and first ever 'megaquake' warning issued by authorities in Japan has heightened the perception of the peril's risk and even though the warning was eventually lifted, it is seen as a factor that could be supportive of reinsurance pricing for that country, by analysts at J.P. Morgan. - BGC Group hires Arbol's Loguidice for weather derivatives origination & structuring
BGC Group, Inc., the global brokerage and financial technology company, has added a new hire to its weather derivatives trading desk, taking Leah Loguidice from Arbol for a weather derivatives origination and structuring role. - Artemis Live webinar: ILS Market Outlook 2025. Register to watch
Artemis has partnered with Wilmington Trust to host a live insurance-linked securities (ILS) focused webinar on October 31st 2024, in which our industry expert speakers will explore the state of the catastrophe bond and broader ILS market, as well as the outlook for 2025. - ILS market growth comes when risk transfer needs are greatest: Pennay, Aon Securities
The surge in catastrophe bond market issuance and resulting insurance-linked securities (ILS) market growth over the last year, came at the right time for the insurance and reinsurance market, meeting their needs for risk transfer, according to Richard Pennay of Aon Securities. | Featured Conferences & Events | Artemis London 2024 - September 3rd - Register to attend Our annual London catastrophe bond and insurance-linked securities market conference is back. Tickets are available now. | Reinsurance News is a our sister service which delivers the reinsurance news that matters directly through our responsive website and by email to your inbox. This single daily email contains the most important reinsurance news, hand selected by an experienced team of researchers and journalists with years of reinsurance industry experience. | Stay in touch with Artemis | | | | |
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